ACEN fully divests from coal power generation
Taking a step closer to its goal of becoming a fully renewable energy company, ACEN Corp. has fully divested from its remaining coal plant under South Luzon Thermal Energy Corp. through the world’s first energy transition mechanism or ETM......»»
ACEN to phase out coal plants
ACEN to phase out coal plants.....»»
ACEN, Rockefeller Foundation back early coal retirement using carbon credits
ACEN Corp., the listed energy platform of the Ayala Group, has teamed up with the Rockefeller Foundation and the Monetary Authority of Singapore to pilot the use of transition credits for the early retirement of coal plants in the Philippines......»»
DoE eyes OSW, taps USAID
Due to the lack of financial allocation, the Department of Energy or DoE is turning to the United States Agency for International Development or USAID to bankroll the inclusion of offshore wind or OSW and floating solar energy, among other new technologies, into the country’s competitive renewable energy zones or CREZ. In a recent interview with reporters, Assistant Secretary Mylene C. Capongcol said these new power technologies should be included in the CREZ so that its integration into the grid will be efficient. “The first stage of CREZ, that finished does not include offshore wind and floating solar and other bodies of water. So the second stage, hopefully, will be supported by a USAID grant because we don’t have the budget here,” Capongcol said. “We will talk officially with USAID but we have sent our official request so we will just have a meeting about what is the scope of work and the timeline,” she added. OSW potential high Based on the Philippines OSW Roadmap launched in 2022, the country has about 178 gigawatts or GW of OSW potential. To date, the DoE has awarded a total of 79 OSW Contracts with a total potential capacity of 61.931 GW, spread mainly North of Luzon, West of Metro Manila, North and South of Mindoro, Panay and Guimaras Strait. Meanwhile, in terms of floating solar energy ventures, one of the latest developments was the Laguna Lake Development Authority’s move to offer 2,000 hectares of the Laguna de Bay for floating solar projects. Of these, 800 hectares were taken by ACEN Corp. Half, or 1,000 hectares were leased by renewable energy firm SunAsia Energy, which aims to develop a 1300-MW facility for $1.2 billion. The remaining 200 hectares, on the other hand, were allocated to Singapore-based firm Vena Energy. Capongcol reiterated that the CREZ project will significantly complement the government’s drive to augment the country’s supply of clean energy. By proactively focusing transmission expansion to these resource areas, clean energy generation development obstacles such as transmission access, energy curtailment, land permitting, and regulatory barriers will be resolved. Thus, reducing the risk for private players who will invest in the sector. Relatedly, the DoE official bared that the 2023-2050 Philippine Energy Plan or PEP will also highlight the adoption of modern technologies, smart grid systems, and demand-side management to bring down overall energy consumption and cut down greenhouse gas emissions. The government set the target of a 35 percent share of renewable energy in the country’s energy mix by 2035 and increased it further to 50 percent by 2040. However, it is still notable that despite an aggressive stance on clean energy utilization, the Philippines continues to heavily rely on coal. Coal, which is cheaper than other forms of power but more detrimental to the environment, is still the highest contributor to the power generation mix at nearly 60 percent. Renewable energy only takes a little over 20 percent of the mix. The post DoE eyes OSW, taps USAID appeared first on Daily Tribune......»»
Study shows rising RE project interest
The local renewable energy sector is expected to further grow as more high-value investors have signified their interest to finance the sector’s development. According to a new report by the Institute for Energy Economics and Financial Analysis or IEEFA titled “Business Model Innovations Drive the Philippines Energy Transition,” the notably aggressive plans of both the government and the private sector caught foreign investors’ attention. “In terms of how investors view asset values, pure play renewables companies command a valuation premium over utilities having lower levels of renewables in their mix,” Ramnath Iyer, report author and IEEFA’s Climate and Renewable Energy Finance Lead, Asia, said. “Valuation premiums for pure-play renewables companies — as seen in their higher price-to-book ratios, the stronger market valuation of installed capacity, and stock performance over the past five years — suggest that this focus on renewables as a concentrated strategy has paid off.” The report presented the Philippines as home to innovative models in the renewable energy space. The study also highlighted the growing list of the country’s listed renewables developers and operators, including ACEN Corp., Citicore Energy REIT Corp. or CREIT, and Solar Philippines. The IEEFA study particularly noted that investors are willing to reward firms that plan to grow in the field of renewables and can execute their plans, the report finds. Each MW counts For instance, investors value each megawatt or MW of installed capacity at ACEN at P137 million based on the market capitalization and megawatts in operation as of 4 August, and CREIT at P102 million per MW. Meanwhile, non-pure plays First Gen Corporation and Aboitiz Power are valued at only P26.7 million per MW and P73.7 million per MW, respectively. As such, it was notable that both Solar Philippines and ACEN have received significantly higher investor support compared to First Gen and Aboitiz Power, which have underperformed even broader equity benchmarks. Despite this, First Gen had shown a willingness to explore innovative options. To raise capital for growth in renewables, it has a successful track record of partnering with international investors and infrastructure players. Meanwhile, Aboitiz Power remains more heavily geared to coal in the medium term, which makes up more than 60 percent of its mix, and also has a debt-to-equity ratio of 1.1 (net) and 1.5 (gross). “Laggards, who stick with fossil fuel assets as their main line of business, will likely continue to see ebbing interest among investors and financial markets unless they can change and adopt some of the more successful strategies,” Iyers noted. Based on the targets set by the DoE, the share of renewable energy in the country’s energy mix should increase to 35 percent by 2035 and 50 percent by 2040. However, it is still notable that despite an aggressive stance on clean energy utilization, the Philippines still heavily rely on coal. Coal, which is cheaper compared to other forms of power but more detrimental to the environment, is still the highest contributor to the power generation mix at nearly 60 percent. Renewable energy only takes a little over 20 percent of the mix as of end-2022. The post Study shows rising RE project interest appeared first on Daily Tribune......»»
ACEN fully divests from coal power generation
Taking a step closer to its goal of becoming a fully renewable energy company, ACEN Corp. has fully divested from its remaining coal plant under South Luzon Thermal Energy Corp. through the world’s first energy transition mechanism or ETM......»»
ACEN gets P3.2-B cash bump by selling coal plant shares
This is a win-win, and infinitely better than SLTEC being acquired by some third party and operated at full blast until 2055......»»
ACEN hands out options to investors to hasten coal plant retirement
ACEN Corp. is handing out option agreements to institutional investors in a bid to facilitate the early decommissioning of one of its coal plants......»»
SLTEC redeems P3.2 billion ACEN preferred shares
South Luzon Thermal Energy Corp. has redeemed P3.2-billion worth of preferred shares owned by ACEN Corp. as part of the energy transition mechanism, which will enable the early retirement of the company’s coal power plant in Batangas......»»
Baltimore bridge accident: Freighter pilot called for tugboat help before plowing into bridge
BALTIMORE — The pilot of the cargo freighter had radioed for tugboat help and reported a power loss minutes before the Baltimore bridge accident, federal safety officials said on Wednesday, citing audio from the ship’s “black box” data recorder. The head of the National Transportation Safety Board also said that Francis Scott Key Bridge, a.....»»
Squirrel involved in power outage provided shelter and care by More Power
Squirrel involved in power outage provided shelter and care by More Power.....»»
Mayor Uy posts cryptic messages amid Igacos power problems
ISLAND Garden City of Samal (Igacos) Mayor Al David Uy posted cryptic messages regarding the power crisis in Igacos......»»
Power fluctuations hit NAIA
Passengers sweltered as power fluctuations hit the Ninoy Aquino International Airport Terminal 2 at around 10 a.m. yesterday......»»
Aboitiz Power Corporation to hold Annual Stockholders Meeting
Notice is hereby given that the Annual Meeting of the Stockholders of ABOITIZ POWER CORPORATION (the "Company") will be held on April 22, 2024, Monday at 9:30 a.m. (the "2024 ASM")......»»
Fully independent PHI-NADO pushed
With the WADA compliance issue settled and cleared, the Philippine Sports Commission and the Philippine National Anti-Doping Organization are moving forward and making sure that all bases are covered from hereon......»»
Cargo ship lost power and issued mayday before hitting Baltimore s bridge, governor says
Cargo ship lost power and issued mayday before hitting Baltimore s bridge, governor says.....»»
Marcos admin eyes building 20 new dams by 2028
To meet the country’s growing demand for water and power, the government is eyeing to build 20 medium and three to five large dams by 2028, the end of President Marcos’ term, according to National Irrigation Administration head Eduardo Guillen......»»
Niña Jose nag-sorry, maraming natutunan matapos mag-viral
MARAMING natutunan ang dating “Pinoy Big Brother” housemate at alkalde ng Bayambang, Pangasinan na si Niña Jose matapos siyang mag-trending sa social media kamakailan. “The power of social media is so scary, we have to be truly careful sa mga binibitiwan nating salita,” ito ang natutunan niya tungkol sa viral video na kumalat tungkol sa.....»»
Alternergy reallocates IPO proceeds to Tanay and Alabat projects
Alternergy, the renewable energy generation company founded by Vince Pérez (former DoE Secretary), announced that its board of directors reallocated P65 million of the IPO proceeds that were originally scheduled for the Solana Solar Project, Ibulao Mini Hydro Project, Cavite Offshore Wind Project, Tablas Strait Offshore Wind Project, and the operationalization of Green Energy Supply Solutions Inc......»»
Aboitiz Power Corporation: Notice of Annual Meeting of Stockholders
Notice is hereby given that the Annual Meeting of the Stockholders of ABOITIZ POWER CORPORATION (the "Company") will be held on April 22, 2024, Monday at 9:30 a.m. (the "2024 ASM")......»»
[OPINION] Education for life: Weaving ethics in all subject areas
By making ethical reflection a cornerstone of our educational system, we foster a generation capable not only of doing things well, but of doing the right thing.....»»